All these figures are apparently positive to Hong Kong reflecting an on-going improvement in the employment, bankruptcy situation and property market which were three of the main concerns of every Hong Kong people and the Government in the past. These are also good signs to every credit and collection professionals, who would help, at least to a certain extent, effect debt collection and making credit decision.

Along with the rebound of the Hong Kong economy in 2004, the year 2005 will see a new Executive Council for our association with five newly elected councilors from diverse industries coming on board. Over the past years that I have served HKCCMA as Chair, I have seen the Association's steady growth with new members and councilors coming from various industries, bringing new ideas and elements to the Association.

As we are heading for the fifth year anniversary, I would like to thank all the present and past councilors who have volunteered their time and talent to serve the Association. It is my honor to represent the Executive Council to deliver this statement and report members the Association's achievements and way ahead.

Review and Achievements

Executive Council

In the past year, the Executive Council continued to lead the Association to the growth. They met monthly to discuss, plan and execute various issues. I would like to thank the retiring councilors Mr. Andrew Kwok, Mr. Clive Mok, Mr. Germany Heng and Mr. Richard Burton for their unreserved support and contribution. While I very much value the time working together with them in the council, I would also like to welcome new councilors Mr. Andrew Mak, Mr. Christopher Siu, Mr. Franky Kwok, Mr. Jeremy Hampshire and Mr. Xavier Farcot on board. I am confident that their joining will further benefit the Association in the way ahead. I look forward to joining their hands and working for the betterment of the Association.

Members Recruitment

The Association currently has 107 members comprising various commercial and business corners including banking and finance, telecommunication, law practice, shipping and transportation, manufacturing, trading, debt collection agencies, credit reporting agencies and all the major credit insurance companies.

Website and Surveys

The hit rate of our Association's Web Site continued standing promisingly with around 4,000 times a month from members and the general public. The Association also conducted two surveys (Live Polls) respectively:

•  “Does your organization use credit risks transferring tools?” in June 2005 and

•  “ How significant is to you if your credit reporting agency includes all original prints of government searches, such as company search, land search, BR copy, for your references? ” in December 2004.

Among the respondents, 43.2% were not using credit risk transferring tools and 73.9% is of the opinion of “Very Important” to includes all original prints of government searches, such as company search, land search, BR copy in the credit reports. ( Archived polls results are available at HKCCMA's website )

Since our inception in December 1999, the Association has carried out 13 Surveys (Live Polls). Along with the Job Classified, the Discussion Group and Credit Quiz, HKCCMA website has been regarded as the major industry news and education channels in Hong Kong .

Certification Program

The Association organized a talk on Credit and Collection Professional Designation for Hong Kong practitioners. “Credit & Collection Professional (CCP)” designation has been developed to recognize professionals who have practiced in, and have knowledge of, the laws and practices in Hong Kong and mainland China . The designation, designed for mid-to-senior level executives in credit or collection operations, is awarded to individuals who successfully passed an exam ination developed by regional industry experts.  

The first CCP on-line examination is scheduled to take place in September 2005. Details of the program and application requirements and fees are available on the Association's website www.hkccma.com or via email to ccp@hkccma.com . I urge every member or non-member to take this opportunity to be certified. The Association, in co-operation with ACA International USA, is proud to be the exclusive certification body of the CCP for Hong Kong and China .

Seminars and Educations

In early 2005, the Association organized a “Career Speech for Hong Kong Credit and Collection Practitioners”. Mr. Bendix Cheng, MCCMA, Assistant Financial Controller of Fountain Set (Holdings) Limited was invited as guest speaker of this event. Mr. Cheng was the “Credit Practitioner of the Year” 2002. He shared his experience and career path with over 30 members and guests.

Following the successful free seminar for members and members' guests held on 11 th March 2004, the Association has targeted organizing two free seminars for members and members' guests on a yearly basis. The aim is to provide more industry information and career enhancement to the members and practitioners in the credit and collection industry.

“Mix At Six”

The Association's Mix-At-Six functions continued to provide an after-office mix and mingle environment among the EC, members, non-members and guests. The relaxed and talk-as-you-like atmosphere brings various business exchange, intelligence and friendship build-up environment for members and non-members. The Association will continue organizing this traditional event and look forward to seeing more members and their guests' participation in the near future.

China Development

Mr. Ricky Li, our Honorary China Legal Advisor and Mr. Bobby Rozario, Vice Chairman, of the Association shared their experiences in credit management with the China credit practitioners in an event held together with the China Credit Managers' Club last September. This conference marked the first joint event organized between the China Credit Managers' Club and the Association. The responses were overwhelming with over 25 Credit Managers of multi-national corporations in China attended the conference. The attendees and the speakers continued sharing their experiences after the conference at the dinner party held in the hotel.

Also attended the conferences are the Chairman of the Association, Mr. Benedict Wong and members of the Association's Executive Council, Mr. Stephen Lo, Mr. Patrick Cheung and staff Ms. Betty Huen.

The Association is continuing the development with industry associations or clubs in mainland China and by delivering our mission and exchanging ideas and views of the industry development between Hong Kong and China . The Association is also planning to introduce the CCP program to mainland China to help qualified practitioners certifying themselves.

In early 2005, “Hong Kong Economics Times” and “Apple Daily” obtained comments from the Association on recent two incidents of debt collectors harassing debtor's solicitor and debtor's family members. One incident reported that debt collectors bombarded the debtor's solicitor with phone calls and another incident reported that debt collectors harassed a well-known banker in Hong Kong that the company of the banker's sister was in debt. The involved debt collectors were detained by authority but were later released with no charge.

There are currently no licensing or regulation regimes for debt collection agencies and collectors in Hong Kong . In 1999, the Law Reform Commission consulted the public on regulating the industry and a report was subsequently submitted to the Government in 2001. The report suggested establishing a licensing regime and criminalizing abusive tactics in debt collection.

The Association agrees that to establish a licensing regime is necessary. A licensing regime would help reflect the true role and identity of debt collection industry. On the other hand, debt collection practices should be regulated only if the debtors are not overly protected and regulations should be fair to the debt collection practitioners, credit providers as well as the debtors. Improving the knowledge level and ethical standards of debt collectors should be the long-term solution to reduce the use of abusive tactics.

As the only professional industry association in Hong Kong , the Association has been well prepared to assist and cooperate with the Government in the formulation of code of ethics and practices, and related licensing issues and processes to improve the overall level of standard and professionalism of the debt collection industry.

Recognition

Alpha Leader-HKCCMA Credit Practitioner of the Year 2004

This is a yearly highlight of the Association with the Award to recognize the winner's works relatively with credit and collection in the aspects of education, training, management, operation and customer service in year 2004. The Award Presentation Ceremony will be held in the upcoming Annual General Meeting. The award and its nomination procedures and criteria for coming year 2005 will be available at the Association's website at a later stage.

This year's Annual Award Judge Panel is composed of Mr. Wolfgang Miebach, Managing Director, Head of Regional Service Center, Bayer MaterialScience Limited, Mr. Xavier Farcot, Deputy General Manager of Coface; Mr. William Lee, Professor of the Department of Accountancy of The Hong Kong Polytechnic University; Mr. Henning Siess, Chief Executive Officer of Euler Hermes Credit Underwriters Hong Kong Limited and Mr. Benedict Wong, Chairman of HKCCMA. Thanks to all the members of the Judge Panel. It was certainly not an easy task to select the best out of the best. The presentation ceremony will be held in the upcoming AGM.

On behalf of Association, I congratulate the Award Winner. I would also like to express our gratitude to Alpha Leader Law Firm and its partner Mr. Ricky Li, for their unforgettable sponsorship, which is one of the backbones of the award program.

Acknowledgement

The Association is going to step into its sixth year by bringing the good changes and achievements. What we have achieved was the result of dedication, contribution and commitment of the present and past Executive Councilors, Committee Members and Staffs. I would like to thank each of them for their volunteer input and intelligence, which has been guiding the Association throughout the years.

I would like to specially thank our staff Miss Betty Huen and all the Executive Councilors who have also served as various committees' chairs including Mr. Richard Burton, Mr. Patrick Cheung, Mr. Matthew Ellerton, Mr. Germany Heng , Mr. A ndrew Kwok, Mr. Stephen Lo, Mr. Bobby Rozario and Mr. Clive Mok. I thank each of them for their unreserved support and devotion.

Special thanks go to Mr. Matthew Ellerton, Mr. Germany Heng, Mr. Andrew Kwok and Mr. Clive Mok who will be retiring from the Executive Council, especially to Mr. Germany Heng and Mr. Andrew Kwok who have consecutively served the Association as Executive Councilors in the past three years.

On behalf of the Association, I would also like to thank our Honorary Patrons ACA International, Mr. Gary Rippentrop (Chief Executive Officer of ACA International) and Mr. Neil Wood (Past Chairman of the International Unit of ACA International); Honorary Legal Advisors Mr. Cody Leung and Mr. Victor Chan (Partner of Tang, Wong, Cheung & Co) and Honorary Auditor Mr. Sam Lee (Partner of S. L. Lee & Lau, Certified Public Accountants). I would also like to personally thank Mr. Cody Leung, who will be retiring as our advisor. He has been providing valuable professional advice to the Association in the past two years.

Way Forward

The Association is heading into its sixth year of establishment. The election result of the 2005-6 Executive Council has been announced to all members in May 2005. The new Executive Councilors will officially assume duty after the Annual General Meeting of 2005 to be held on the 27 th July 2005 at the Park Lane Hotel . The elected Executive Councilors for 2005 to 2006 term are:

Mr. Andrew Mak, Mr. Benedict Wong, Mr. Bobby R. Rozario, Mr. Christopher Siu, Mr.Franky Kwok, Mr. Jeremy Hampshire, Mr. Patrick Cheung, Mr. Stephen Lo and, Mr. Xavier Farcot

The new Executive Committee

In line with the Articles of Association of HKCCMA and for the purpose of transacting the day-to-day business of the Association, there shall be an Executive Committee consisting of the Chairman, The Deputy Chairman and other Council members to be appointed by the Council. The new Executive Committee will be formed concurrently with the completion of the upcoming Annual General Meeting and members of the Executive Committee will be announced accordingly. This will be a new year to the Association, which will be officially run by the Executive Committee, who reports to the Executive Council, and ultimately to the members of the Association.

Who's Who, Credit & Collection Practitioners in H ong Kong and Guangdong 2003-2004

The Association has been planning the third "Who's Who” edition, which is scheduled to officially release in early 2006. Upon its completion, complimentary copies will be available for members, listing participants, advertisers, patrons, and to the public, such as professional/consultancy firms, personnel/recruitment agencies, libraries, financial institutions, universities, overseas industry bodies, etc.

Development Plan

The Association's 2005-6 development plans are: 

•  Continue launching the Credit and Collection Professional (“CCP”) certification program in Hong Kong within the association and around the credit & collection industry

•  Produce at least 2 survey reports on credit and collection related topics published under the name of the Association

•  Continue to establish domestic and international recognition and affiliation with industry associations and professional bodies.

•  Continue to develop industry publications include the third edition "Who's Who”

•  Continue to develop with industry associations in mainland China and exchange ideas and views of the industry development between Hong Kong and China

•  Study on the feasibility of expanding the CCP certification program to mainland China

•  Review the criteria and prepare open nomination for the Credit Practitioner of the Year 2005

•  Organize functions and events for members and non-members to exchange on business and social occasions

•  Provide free educational courses, seminars and workshops for members

To end this statement and on behalf of the Association, I would like to thank all of our valued members for their support. I also wish Hong Kong continues to prosper, and every Hong Kong people good health and happiness.

Benedict C. K. WONG , FCCMA, MCE
Chairman
Hong Kong , 4th July 2005